Albay and Bohol have signed an alliance agreement on trade and investment, exchange of competencies and leverage strategic advantages for enhanced and vibrant markets, which is bruited about as a first of its kind and a modem version of the historic “blood compact” in the late 1500s between Conquistador Miguel Lopez of Spain and Bohol’s native chieftain Datu Sikatuna.
Albay Gov. Joey Salceda said the Albay-Bohol Economic Partnership Agreement (Abepa) was designed to develop not only the two provinces but their respective regions. Albay is the regional hub of Bicol while Bohol nestles in the Central Vizayas.
The agreement aims to liberalize and facilitate trade in goods and services, increase investment opportunities and strengthen protection for investments and investment activities, and establish an expanded framework for further cooperation and improvement of the business environment,  as well as peace and security, information and communications technology, education, employment and job generation, between the two provinces.
Salceda said “the Abepa is primarily an economic strategy that can answer challenges and opportunities of a dynamic and rapidly changing global environment brought about by globalization, and can generate beneficial results for parties involved.” It was authored on the Albay side by provincial board member Ralph Andes.
Albay and Bohol will also cooperate in the fields of tourism, disaster risk reduction (DRR), climate-change adaptation (CCA) and initiatives toward the realization of the Millennium Development Goals (MDG).
Albay has gained significant headway in DRR and CCA, and has institutionalized these programs in its provincial organizational set-up, for which it was named by the United Nations as its global model in these fields. Albay had also attained the MDGs two years ago, well ahead of the 2015 global deadline, and has maintained its gains through its regular programs.
Salceda said Albay and Bohol have long maintained warm relations and strong economic and political ties. He signed the agreement at the Tropics Resort in Tagbilaran City with Bohol Gov. Edgar Chatto and Vice Gov. Concepcion Lim and Albay Vice Gov. Harold  Imperial.
Both provinces have a population of nearly 1.3 million as of the 2010 census and boast of world famous tourist attractions that draw thousands of foreign tourists all year. Bohol has its Chocolate Hills, while Albay has its almost-perfect-cone Mount Mayon, a live volcano that erupts every so often.
Also present during the accord signing were Albay’s 10 provincial board members, Cedric Daep of the Albay Provincial Safety and Emergency Management Office, provincial treasurer Pedro Ibasco, Jerisha San Jose of the Albay MDG Office, Millie Bueta of the Provincial Planning and Development Office and Dorothy Colle of the Provincial Tourism Office.
Albay has similar economic partnerships and sisterhood pacts with Quezon province, Cebu City, llocos Norte, Incheon City of South Korea and Lanzhou, China.